OneMain Holdings Inc

The results of OMFC are consolidated into the results of OMH. Due to the nominal differences between OMFC and OMH, content throughout this section relate only to OMH. See Note 1 of the Notes to the Condensed Consolidated Financial Statements included in this report for further information.

See Note 15 of the Notes to the Condensed Consolidated Financial Statements included in this report for a description of our segment and methodologies used to allocate revenues and expenses to our C&I segment and for reconciliations of segment total to condensed consolidated financial statement amounts.

CONSUMER AND INSURANCE

OMH’s adjusted pretax income and selected financial statistics for C&I on an adjusted Segment Accounting Basis were as follows:

(a) See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios.

(b) The calculations for the three and six months ended June 30, 2024 have been adjusted for policy alignment associated with the Foursight Acquisition.

Comparison of Adjusted Pretax Income for Three and Six Months Ended June 30, 2024 and 2023

Interest income increased $95 million or 9% and $174 million or 8% for the three and six months ended June 30, 2024 when compared to the same periods in 2023 due to growth in average net receivables.

Interest expense increased $53 million or 22% and $92 million or 19% for the three and six months ended June 30, 2024 when compared to the same periods in 2023 due to an increase in average debt to support our receivables growth and a higher average cost of funds.

Provision for finance receivable losses increased $36 million or 7% and $81 million or 9% for the three and six months ended June 30, 2024 when compared to the same periods in 2023 due to growth in net finance receivables and higher net charge-offs, partially offset by a larger build in the allowance for finance receivable losses in the prior year periods.

Other revenues increased $2 million or 1% and $7 million or 2% for the three and six months ended June 30, 2024 which remained relatively consistent when compared to the same periods in 2023.

Other expenses increased $7 million or 2% and $10 million or 1% for the three and six months ended June 30, 2024 when compared to the same periods in 2023 driven by an increase in general operating expenses due to growth in our receivables and our strategic investments in the business, partially offset by a decrease in salaries and benefits expense reflecting the cost benefits of the restructuring initiatives taken in the first quarter of 2024.